NDIC advocates stronger ICAN collaboration, proposes deposit insurance module in curriculum

The Nigeria Deposit Insurance Corporation (NDIC), has called for the introduction of a Deposit Insurance module in the Institute of Chartered Accountants of Nigeria’s (ICAN) examination curriculum to enhance ICAN members’ understanding of the Deposit Insurance Scheme.

According to Bello Hassan, Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), this initiative would equip future bankers and bank examiners with the requisite knowledge to contribute to the financial system’s stability.

Hassan also reiterated the need for closer collaboration and said that the move is part of efforts to strengthen ties between the two institutions.

According to a statement signed by Hawwau Gambo, Head, of Communication & Public Affairs, the NDIC boss stated this during a courtesy visit of the ICAN Governing Council to the NDIC Management in Abuja.

Hassan, a Fellow of ICAN, also emphasized the importance of upholding integrity and professionalism among ICAN members in their role as auditors. He highlighted that the NDIC and the Central Bank of Nigeria (CBN) rely on auditors’ work to support their risk-based supervision of banks.

He assured the ICAN leadership of NDIC’s commitment to fostering a stronger partnership, which he described as essential to ensuring the stability of Nigeria’s banking sector and financial system as a whole.

In his remarks, Davidson Chizuoke Alaribe, ICAN President commended NDIC for its dedication to integrity, transparency, and sound corporate governance. He lauded the Corporation’s zero-tolerance approach to corruption and its effective internal controls, noting that these principles were instrumental in safeguarding depositors’ funds.

Alaribe also highlighted NDIC’s recognition by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which ranked the Corporation first in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

The ICAN President emphasized the longstanding relationship between ICAN and NDIC, mentioning that the Institute has introduced the ICAN Accountability Index to promote integrity across critical sectors of the economy.

He noted that the Index focuses on budget credibility, asset management, and debt management, aligning with NDIC’s vision of maintaining transparency and accountability.